FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.

US stock future indexes are pointing to a higher opening (SPY +0.2%). The number of Americans filing for unemployment benefits rose less than expected, WTI crude slips to the 50 handle and the dollar dipped after the U.S. Federal Reserve signaled caution in raising interest rates

What Is Moving the Markets

VIENNA (Reuters) - OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

LONDON (Reuters) - World stocks hit record highs on Thursday and the dollar dipped after the U.S. Federal Reserve signaled caution in raising interest rates, while oil prices rose in anticipation of top producers agreeing to extend output cuts for up to a year.

DETROIT (Reuters) - James Hackett spent the last year plotting Ford Motor Co's long-term self-driving car strategy. In his first week as chief executive, he has more immediate concerns: stopping a skid in North American sales and fending off a market share grab by resurgent archrival General Motors Co.

SHANGHAI (Reuters) - The decision by Moody's Investors Service to downgrade China's credit rating is "illogical" and overstates the levels of government debt, a commerce ministry researcher said in an editorial in the official People's Daily newspaper on Thursday.

WASHINGTON (Reuters) - Federal Reserve policymakers agreed they should hold off on raising interest rates until it was clear a recent U.S. economic slowdown was temporary, though most said a hike was coming soon, minutes from their last policy meeting showed on Wednesday.

NEW YORK (Reuters) - Facebook Inc has signed deals with millennial-focused news and entertainment creators Vox Media, BuzzFeed, ATTN, Group Nine Media and others to make shows for its upcoming video service, which will feature long and short-form content with ad breaks, according to several sources familiar with the situation.

In the first unofficial challenge to Beijing over China's domination of disputed waters in the South China Sea since President Trump took office, a US navy warship sailed within 12 nautical miles of an artificial island built up by China in the South China Sea according to the WSJ. The navy vessel, the USS Dewey, traveled close to the Mischief Reef in the Spratly Islands, among a string of islets, reefs and shoals over which China has territorial disputes with its neighbors.

The USS Dewey

The "freedom of navigation" operation which in the past has infuriated Beijing, comes as Trump is seeking Beijing's cooperation to rein in ally North Korea's nuclear and missile programs. Territorial waters are generally defined by U.N. convention as extending at most 12 nautical miles from a state's coastline. China's claims to the South China Sea, which sees about $5 trillion in ship-borne trade pass every year, are challenged by Brunei, Malaysia, the Philippines, and Vietnam, as well as Taiwan.

Mischief Reef in the disputed Spratly Islands in the South China Sea

The U.S. patrol, the first of its kind since October, marks the latest attempt to counter what Washington sees as Beijing's efforts to limit freedom o ...

In recent weeks it has been Japanese demand (and notable premia) that has driven the exponential rise in Bitcoin, but recently, as CoinTelegraph reports, it has been South Korea. Overenight saw Bitcoin prices explode once again, smashing through $2500, $2600, and $2700 for the first time...

As CoinTelegraph.com reports, South Korean Bitcoin traders are facing asking prices of $4,500 as the virtual currency's price continues to surge.

Order books from domestic exchange Coinone list a current price of 4,254,000 won ($3805), with a 24-hour high of 5,025,000 ($4494).

As Bitcoin.com reports, the region has also been blossoming with startups dedicated to bitcoin remittance and financial tech advancement.

The South Korean government has been very friendly towards digital currencies, and the country ...

- Should I invest my fortune in gold?
- Lessons from gold and silver: Reviewing the research
- What precious metals can tell us about finance?
- What are precious metals and why should we care?
- What size of market and how evolved over time?
- Long and detailed history of gold and silver as money
- What does a tonne of gold look like?

The market expectations for weekly initial unemployment claims (from Bloomberg / Econoday) were 235 K to 240 K (consensus 237,000), and the Department of Labor reported 234,000 new claims. The more important (because of the volatility in the weekly reported claims and seasonality errors in adjusting the data) 4 week moving average moved from 241,000 (reported last week as 240,750) to 235,250. The rolling averages generally have been equal to or under 300,000 since August 2014.

The number of Americans applying for and receiving unemployment benefits continue to drop to levels last seen nearly a half century ago, a sign the U.S. labor market remains quite robust eight years into an economic expansion

The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.

Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet